DUBLIN, Calif. - Ross Stores (NASDAQ:ROST), Inc., a major player in the off-price retail sector, has recently opened 18 new stores across various states as part of its expansion strategy. This move is a component of the company's broader plan to launch approximately 90 new stores during fiscal 2024, which includes about 75 Ross Dress for Less and 15 dd's DISCOUNTS outlets.
In February and March, the company inaugurated 11 Ross and seven dd's DISCOUNTS stores in 11 different states, marking a significant step in their growth trajectory. The expansion has been particularly notable in Michigan and New York for Ross, while dd's DISCOUNTS has focused on bolstering its presence in established markets such as California, Florida, and Texas.
Gregg McGillis, Group Executive Vice President of Property Development, expressed confidence in the long-term growth potential of both retail chains. According to McGillis, the company envisions Ross reaching a total of 2,900 locations, while dd's DISCOUNTS is projected to grow into a chain of 700 stores. This optimism is fueled by the sustained consumer demand for value and convenience in shopping.
Ross Stores, Inc. is an established name in the retail industry, featuring on the S&P 500, Fortune 500, and Nasdaq 100 (NASDAQ:ROST) lists. With headquarters in Dublin, California, the company reported revenues of $20.4 billion for fiscal 2023. Ross Dress for Less is currently the largest off-price apparel and home fashion chain in the United States, with 1,775 locations.
The company also operates 352 dd's DISCOUNTS stores, offering a more moderately-priced assortment of products. Both retail concepts provide significant savings on regular prices for consumers.
The company's expansion aligns with its commitment to offering first-quality, in-season merchandise from renowned brands at discounted prices. As of now, Ross Stores, Inc. operates a total of 2,127 Ross Dress for Less and dd's DISCOUNTS locations across 43 states, the District of Columbia, and Guam.
The information for this report is based on a press release statement from Ross Stores, Inc.
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